Example 1.6: Identify the price that maximizes the total revenue. Show the thought and work process that you used to get to the answer

Example 1.6: A Prescriptive Pricing Model A firm wishes to determine the best pricing for one of its products in order to maximize revenue. * Analysts determined the following model: Sales = -2.9485 x Price + 3,240.9 Total Revenue = Price x Sales =Price x (-2.9485 x Price + 3,240.9) = 2.9485 x Price' + 3,240.9 x Price * |dentify the price that maximizes total revenue. @ Pearson Copyright 2020, 2016, 20132 Pearson Education, Inc. All Rights Reserved Slide - 40